Griffon To Acquire Hunter Fan Company - Quick Facts

(RTTNews) - Griffon Corp. (GFF), through its unit The AMES Companies, has entered into a definitive agreement to acquire Hunter Fan Company from MidOcean Partners for $845 million. Hunter is a leading U.S. brand of residential ceiling fans.

Griffon said the acquisition will be immediately accretive to earnings and cash flow. In the first full fiscal year of operation, the company expects Hunter to contribute $400 million in revenue and $90 million of EBITDA, excluding synergies, resulting in earnings accretion of at least $0.50 per share.

Ronald Kramer, Griffon's CEO, said: "The acquisition of Hunter, along with the expected sale of Griffon's Defense Electronics business, marks a repositioning and strengthening of the Griffon portfolio which will further accelerate our growth, increase shareholder value, and is an effective use of our capital."